• Nie Znaleziono Wyników

Intrinsic and External Values of Liquidity and Optimization

W dokumencie Value-Based Working Capital Management (Stron 21-26)

 Altman, E. (1984). “A Further Empirical Investigation of the Bankruptcy Cost Question.” Journal of Finance 39.

» Search Google

 Asch, D., and G. R. Kaye (1997). Financial Planning: Profit Improvement through Modelling. Kogan Page:

London.

» Search Google Books » Find in a library

 Baker, M., and J. Wurgler (2002). “Market Timing and Capital Structure.” Journal of Finance 57.

» Search Google

 Banos-Caballero, S., P. J. García-Teruel, and P. Martinez-Solano (2010). “Working Capital Management in Enterprises.” Accounting & Finance 50(3), pp. 511–27.

» Search Google Scholar » Find in a library

 Beck, P. E., and D. R. Stockman (2005). “Money as Real Options in a Cash-in-Advance Economy.”

Economics Letters 87.

» Search Google

 Blaug, M. (1985). Economic Theory in Retrospect. Cambridge University Press: Cambridge.

» Search Google Books » Find in a library

 Brealey, R. A., and S. C. Myers (1999). Basics of enterprises finance (Polish edition: Podstawy finansow przedsiebiorstw). WN PWN: Warszawa.

» Search Google Books » Find in a library

 Brennan, M. J., and E. S. Schwartz (1985). “Evaluating Natural Resource Investments.” Journal of Business 58(2).

» Search Google Scholar » Find in a library

 Brigham, E. F. (1975). “Hurdle Rates for Screening Capital Expenditure Proposals.” Financial Management; 4(3), pp. 17–16

» Search Google Scholar » Find in a library

 Chriss, N. A. (1997). Black-Scholes and Beyond: Options Pricing Models. McGraw-Hill: New York.

» Search Google Books » Find in a library

 Copeland, T. E., and J. F. Weston (1982). “A Note on the Evaluation of Cancellable Operating Leases.”

Financial Management 11.

» Search Google

 Cox, J., S. Ross, and M. Rubinstein (1979). “Option Pricing: A Simplified Approach.” Journal of FinancialEconomics 7.

» Search Google

 Database Amadeus product of Bureau van Dijk (date of release: 2013 SEP 15).

» Search Google

 DeAngelo, H., and R. Masulis (1980). “Optimal Capital Structure under Corporate and Personal Taxation.”

Journal of Financial Economics 8(1).

» Search Google Scholar » Find in a library

 Deloof, M. (2003). “Does Working Capital Management Affect Profitability of Belgian Firms?” Journal of Business Finance & Accounting 30(3 − 4), pp. 573–88.

» Search Google Scholar » Find in a library

 Dixit, A. K., and R. S. Pindyck (1994). Investment under Uncertainty. Princeton University Press:

Princeton, NJ.

» Search Google Books » Find in a library

 Dixit, A. K., and R. S. Pindyck (1995). “The Options Approach to Capital Investment.” Harvard Business Review 73(3), May−June, pp. 105−115.

» Search Google Scholar » Find in a library

 Dluhosova, D. (2006). Financial management of firms (in Czech: Financni rizeni a rozhodovani podniku).

Ekopress: Prague.

» Search Google Books » Find in a library

 Eckbo, B. E. (2007). Handbook of Corporate Finance: Empirical Corporate Finance. Elsevier/North Holland: Amsterdam.

» Search Google Books » Find in a library

 Fernandez, P. (2001b). “Valuing Real Options: Frequently Made Errors.” Working Papers IESE Business School, Madrid. Available at SSRN: http://ssrn.com/abstract = 274855 or

http://dx.doi.org/10.2139/ssrn.274855 (date of access: January 10, 2014).

» Link

 Fewings, D. R. (1996). “Unbiased Trade Credit Decisions under Imperfect Information.” Advances in Working Capital Management 3.

» Search Google

 Fisher, E., R. Heinkel, and J. Zechner (1989). Dynamic Capital Structure Choice: Theory and Tests.

Journal of Finance 44.

» Search Google

 Frank, M., and V. Goyal (2003). Testing the Pecking Order Theory of Capital Structure. Journal of Financial Economics 67.

» Search Google

 Frank, M., and V. Goyal (2009). “Capital Structure Decisions: Which Factors Are Reliably Important?”

Financial Management 38.

» Search Google

 Hamada, R. (1969). “Portfolio Analysis, Market Equilibrium, and Corporation Finance.” Journal of Finance 24(2).

» Search Google Scholar » Find in a library

 Harris, R. S., and J. J. Pringle (1985). “Risk-Adjusted Discount Rates: Extensions from the Average-Risk Case.” Journal of Financial Research 8(3).

» Search Google Scholar » Find in a library

 Haugen, R., and L. Senbet (1978). “The Insignificance of Bankruptcy Costs to the Theory of Optimal Capital Structure.” Journal of Finance 33(2).

» Search Google Scholar » Find in a library

 Herath, H. S. B., and C. S. Park (1999). “Economic Analysis of R&D Projects: An Options Approach.”

Engineering Economist 44(1).

» Search Google Scholar » Find in a library

 Herath, H. S. B., and C. S. Park (2002). “Multi-Stage Capital Investment Opportunities as Compound Real Options.” Engineering Economics 47(1).

» Search Google Scholar » Find in a library

 Hill, M. D., G. W. Kelly, and M. J. Highfield (2010). “Net Operating Working Capital Behavior: A First Look.” Financial Management 39(2), pp. 783–805.

» Search Google Scholar » Find in a library

 Hill, N. C., and W. L. Sartoris (1995). Short-Term Financial Management: Text and Cases. Prentice Hall:

Englewood Cliffs, p. 2

» Search Google Books » Find in a library

 Hirshleifer, J. (1965). “Investment Decisions under Uncertainty: Choice Theoretic Approaches.” Quarterly Journal of Economics 74(4).

» Search Google Scholar » Find in a library

 Hubalek, F., and W. Schachermayer (2001). “The Limitations of No-Arbitrage Arguments for Real Options.” International Journal of Theoretical and Applied Finance 4(2).

» Search Google Scholar » Find in a library

 Jajuga, K. (2005). “Problems in Operational Risk Measurement.” In Finansowanie dzialalnosci przedsiebiorstw. Wydawnictwo WSB: Poznan, pp. 137–44.

» Search Google Books » Find in a library

 Kester, W. C. (1984). “Today’s Options for Tomorrow’s Growth.” Harvard Business Review 2.

» Search Google

 Kogut, B., and N. Kulatilaka (2004). “Real Options Pricing and Organizations: The Contingent Risks of Extended Theoretical Domains.” Academy of Management Science 29(1).

» Search Google Scholar » Find in a library

 Kulatilaka, N. (1993). “The Value of Flexibility: The Case of Dual-Fuel Industrial Steam Boiler.” Financial Management 3.

» Search Google

 Kulatilaka, N., and L. Trigeorgis (2001). “The General Flexibility to Switch.” In Real Options and Investment under Uncertainty. Edited by E. S. Schwartz and L. Trigeorgis. MIT Press: Cambridge, MA.

» Search Google Books » Find in a library

 Lee, C. F., and J. E. Finnerty (1990). Corporate Finance: Theory, Method and Applications. HBJ: Orlando, FL.

» Search Google Books » Find in a library

 Lee, Y. W., and J. D. Stowe (1993). “Product Risk, Asymmetric Information, and Trade Credit.” Journal of Financial and Quantitative Analysis 28, pp. 285–300.

» Search Google Scholar » Find in a library

 Leland, H. (1994). “Corporate Debt Value, Bond Covenants, and Optimal Capital Structure.” Journal of Finance 49(4).

» Search Google Scholar » Find in a library

 Leland, H. E., and D. H. Pyle (1977). “Informational Asymmetries, Financial Structure and Financial Intermediation.” Journal of Finance 32(2).

» Search Google Scholar » Find in a library

 Lessard, D. R. (1996). “Incorporating Country Risk in the Valuation of Offshore Projects.” Journal of Applied Corporate Finance 9(3).

» Search Google Scholar » Find in a library

 Lofthouse, S. (2005). Investment Management. Wiley: Chichester, UK.

» Search Google Books » Find in a library

 Long, M., L. B. Malitz, and S. A. Ravid (1993). “Trade Credit, Quality Guarantees, and Product Marketability.” Financial Management 22.

» Search Google

 Luehrman, T. A. (1998). “Investment Opportunities as Real Options: Getting Started on the Numbers.”

Harvard Business Review 4.

» Search Google

 Lumby, S. (1993). Investment Appraisal and Financing Decisions. The Chapman & Hall Series in Accounting and Finance. Routledge Chapman & Hall: London.

» Search Google Books » Find in a library

 Madden, B. (1999). CFROI Valuation: A Total System Approach to Valuating the Firm. Butterworth-Heinemann: Oxford.

» Search Google Books » Find in a library

 Majd, S., and R. S. Pindyck (1987). “Time-to-Build Option Value and Investment Decisions.” Journal of Financial Economics 18.

» Search Google

 Makridiakis, S., and S. Wheelwright (1989). Forecasting Methods for Management. Wiley & Sons: New York.

» Search Google Books » Find in a library

 Marris, R. (1963). “A Model of the ‘Managerial’ Enterprise.” The Quarterly Journal of Economics 77(2).

» Search Google Scholar » Find in a library

 Masulis, R. (1980). “The Impact of Capital Structure Change on Firm Value: Some Estimates.” Journal of Finance 38(1).

» Search Google Scholar » Find in a library

 McDonald, R., and D. Siegel (1986). “The Value of Waiting to Invest.” Quarterly Journal of Economics 101(4).

» Search Google Scholar » Find in a library

 McGrath, R. G., W. J. Ferner, and A. L. Mendelow (2004). “Real Options as Engines of Choice and Heterogeneity.” Academy of Management Review 29(1).

» Search Google Scholar » Find in a library

 Merton, R., and A. Perold (1999). “Theory of Risk Capital in Financial Firms.” In The New Corporate Finance: Where Theory Meets Practice. Edited by D. H. Chew. McGraw-Hill: Boston.

» Search Google Books » Find in a library

 Merton, R. C. (1973). “Theory of Rational Option Pricing.” Bell Journal of Economics and Management Science 4(1).

» Search Google Scholar » Find in a library

 Michalski, G. (2008). “Value-Based Inventory Management.” Journal of Economic Forecasting 9(1), pp.

82–90.

» Search Google Scholar » Find in a library

 Michalski, G. (2010). Strategic management of liquidity in enterprises. (in Polish: Strategiczne zarzadzanie plynnoscia finansowa w przedsiebiorstwie). CeDeWu: Warsaw.

» Search Google Books » Find in a library

 Michalski, G. (2012a). “Crisis-Caused Changes in Intrinsic Liquidity Value in Non-Profit Institutions.

Equilibrium.” Quarterly Journal of Economics and Economic Policy 7(2).

» Search Google Scholar » Find in a library

 Michalski, G. (2012b). “Crisis Influence on General Economic Condition and Corporate Liquidity

Management: Financial Liquidity Investment Efficiency Model (FLIEM) Use to Diagnose Polish Economics Standing.” Proceedings of the 7th International Conference on Currency, Banking and International Finance: How Does Central and Eastern Europe Cope with the Global Financial Crisis? EKONOM:

Bratislava, pp. 200–219.

» Search Google Books » Find in a library

 Michalski, G. (2012c). “Financial Liquidity Management in Relation to Risk Sensitivity: Polish Firms Case.”

Proceedings of the International Conference Quantitative Methods in Economics (Multiple Criteria Decision Making XVI). EKONOM: Bratislava, pp. 141–60.

» Search Google Books » Find in a library

 Michalski, G. (2012d). “Risk Sensitivity Indicator as Correction Factor for Cost of Capital Rate.” Managing and Modelling of Financial Risks: 6th International Scientific Conference Proceedings. Vysoka Skola Banska VSB-TU, Faculty of Economics, Finance Department, Ostrava, pp. 418–28, Available at SSRN:

http://ssrn.com/abstract = 2193398 (date of access: January 10, 2014).

» Link

 Miller, M. (1988). “The Modigliani-Miller Propositions after 30 Years.” Journal of Economic Perspectives 2(4).

» Search Google Scholar » Find in a library

 Modigliani, F., and M. Miller (1958). “The Cost of Capital, Corporation Finance and the Theory of Investment.” American Economic Review 48(3).

» Search Google Scholar » Find in a library

 Moles, P., and N. Terry (1999). The Handbook of International Financial Terms. Oxford University Press:

Oxford.

» Search Google Books » Find in a library

 Moyer, R. C., J. R. McGuigan, and W. J. Ketlow (1990). Contemporary Financial Management. West Publishing Company: Saint Paul.

» Search Google Books » Find in a library

 Mun, J. (2002). Real Option Analysis. Tools and Techniques for Valuing Strategic Investments and Decisions. John Wiley & Sons: Hoboken, NJ.

» Search Google Books » Find in a library

 Myers, S. (1977). “The Determinants of Corporate Borrowing.” Journal of Financial Economics 5(2) Available at MIT: http://dspace.mit.edu/bitstream/handle/1721.1/1915/SWP-0875-02570768.pdf (date of access: January 10, 2014).

» Search Google Scholar » Find in a library

 Myers, S. (1998). “The Search of Capital Structure Puzzle.” In Financial Strategy: Adding Shareholder Value. Edited by J. Rutterford. John Wiley & Sons: Chichester.

» Search Google Books » Find in a library

 Myers, S. C. (1977). “Determinants of Corporate Borrowing.” Journal of Financial Economics 5.

» Search Google

 Myers, S. C. (2001). “Finance Theory and Financial Strategy.” In Real Options and Investment under Uncertainty. Edited by E. S. Schwartz and L. Trigeorgis. MIT Press: Cambridge, MA.

» Search Google Books » Find in a library

 Myers, S. C., and S. M. Turnbull (1977). “Capital Budgeting and the Capital Asset Pricing Model: Good News and Bad News.” Journal of Finance 32(2), pp. 321–33.

» Search Google Scholar » Find in a library

 Nobanee, H. (2009). “Working Capital Management and Firm’s Profitability: An Optimal Cash Conversion Cycle.” Working Paper. Available at SSRN: http://ssrn.com/abstract=1471230 or

http://dx.doi.org/10.2139/ssrn.1471230 (date of access: January 10, 2014).

 Nobanee, H., W. K. Al Shattarat, and A. E. Haddad (2009). “Optimizing Working Capital Management.”

Working Paper. Available at SSRN: http://ssrn.com/abstract=1528894 or http://dx.doi.org/10.2139/ssrn.1528894 (date of access: January 10, 2014).

» Link

 Nobanee, H., and M. Hajjar (2009a). “A Note on Working Capital Management and Corporate Profitability of Japanese Firms.” Working Paper. Available at SSRN: http://ssrn.com/abstract = 1433243 or

http://dx.doi.org/10.2139/ssrn.1433243 (date of access: January 10, 2014).

» Link

 Opler, T., L. Pinkowitz, R. Stulz, and R. Williamson (1999). “The Determinants and Implications of Corporate Cash Holdings.” Journal of Financial Economics 52, pp. 3–46.

» Search Google Scholar » Find in a library

 Opler, T., M. Saron, and S. Titman. (1997). “Designing Capital Structure to Create Shareholder Value.”

Journal of Applied Corporate Finance 10(1).

» Search Google Scholar » Find in a library

 Osband, K. (2011). Pandora’s Risk: Uncertainty at the Core of Finance. Columbia Business School Publishing Series. Columbia University Press: New York.

» Search Google Books » Find in a library

 Ozkan, A. (2001). “Determinants of Capital Structure and Adjustment to Long Run Target: Evidence from UK Company Panel Data.” Journal of Business Finance & Accounting 28(1−2).

» Search Google Scholar » Find in a library

 Piotrowska, M. (1998). “Macroeconomic conditions of the money market in Poland” (in Polish:

“Makroekonomiczne uwarunkowania rynku pienieznego w Polsce”). Scientific Papers of the University of Economics in Wroclaw 783, Wroclaw.

» Search Google Books » Find in a library

 Polak, P. (2012). “Addressing the Post-Crisis Challenges in Working Capital Management.” International Journal of Research in Management 6(2). http://ssrn.com/abstract = 2195059 (date of access: January 10, 2014).

» Search Google Scholar » Find in a library

 Poteshman, A., R. Parrino, and M. Weisbach (2005). “Measuring Investment Distortions When Risk-Averse Managers Decide Whether to Undertake Risky Project.” Financial Management 34, pp. 21–60.

» Search Google Scholar » Find in a library

 Rappaport, A. (1988). Creating Shareholder Value: A Guide for Managers and Investors. Free Press: New York.

» Search Google Books » Find in a library

 Razgaitis, R. (2003). Dealmaking Using Real Options and Monte Carlo Analysis. John Wiley and Sons:

New York.

» Search Google Books » Find in a library

 Reilly, F. (1992). Investments. The Dryden Press: Fort Worth, TX.

» Search Google Books » Find in a library

 Remer, D. S., S. B. Stokdyk, and M. L. Van Driel (1993). “Survey of Project Evaluation Techniques Currently Used in Industry.” International Journal of Production 32(3).

» Search Google Scholar » Find in a library

 Ross, S. A. (1973). “The Economic Theory of Agency: The Principal’s Problem.” American Economic Review 63(2).

» Search Google Scholar » Find in a library

 Ross, S. A. (1977). “The Determination of Financial Structure: The Incentive Signaling Approach.” Bell Journal of Economics 8(1).

» Search Google Scholar » Find in a library

 Ross, S. A. (1977). “The Determination of Financial Structure: The Incentive Signaling Approach.” Bell Journal of Economics 4.

» Search Google

 Ross, S. A. (1995). “Uses, Abuses and Alternatives to Net-Present-Value Rule.” Financial Management 24(3).

» Search Google Scholar » Find in a library

 Rubinstein, M. (1973). “A Mean-Variance Synthesis of Corporate Financial Theory.” Journal of Finance 28(1).

» Search Google Scholar » Find in a library

 Salamon, G. L. (1985). “Accounting Rates of Return.” American Economic Review 75.

» Search Google

 Salamon, G. L. (1988). “On the Validity of Accounting Rates of Return in Cross-Sectional Analysis:

Theory, Evidence, and Implications.” Journal of Accounting and Public Policy 7.

» Search Google

 Scherr, F. C. (1989). Modern Working Capital Management. Text and Cases. Prentice Hall: Englewood Cliffs, NJ.

» Search Google Books » Find in a library

 Schilling, G. (1996). “Working Capital’s Role in Maintaining Corporate Liquidity.” TMA Journal 16(5).

» Search Google Scholar » Find in a library

 Sharpe, W. F. (1964). “Capital Assets Prices: A Theory of Market Equilibrium under Conditions of Risk.”

Journal of Finance 19 (3), pp. 425–42.

» Search Google Scholar » Find in a library

 Shiller, F. J., and F. Modigliani (1979). “Coupon and Tax Effects on New and Seasoned Bond Yields and the Measurement of Cost of Debt Capital.” Journal of Financial Economics 7(3).

» Search Google Scholar » Find in a library

 Shleifer, A., and R. Vishny (1992). “Liquidation Values and Debt Capacity: A Market Equilibrium Approach.” Journal of Finance 47(4).

» Search Google Scholar » Find in a library

 Smith, J. E., and K. F. McCardle (1998). “Valuing Oil Properties: Integrating Option Pricing and Decision Analysis Approaches.” Operations Research 46(2).

» Search Google Scholar » Find in a library

 Smith, J. E., and R. F. Nau (1995). “Valuing Risky Projects: Option Pricing Theory and Decision Analysis.”

Management Science 41(5).

» Search Google Scholar » Find in a library

 Stiglitz, J. (1969). “A Re-Examination of the Modigliani-Miller Theorem.” American Economic Review 59(5).

» Search Google Scholar » Find in a library

 Stiglitz, J. E., and A. Weiss (1981). “Credit Rationing in Markets with Imperfect Information.” American Economic Review 71(3).

» Search Google Scholar » Find in a library

 Taggart, R. A. (1991). “Consistent Valuation and Cost of Capital: Expressions with Corporate and Personal Taxes.” Financial Management 20(3).

» Search Google Scholar » Find in a library

 Trigeorgis, L. (1996). Real Options: Managerial Flexibility and Strategy in Resource Allocation. MIT Press:

Cambridge, MA.

» Search Google Books » Find in a library

 Turnbull, S. M. (1979). “Debt Capacity.” Journal of Finance 34(4).

» Search Google Scholar » Find in a library

 Washam, J., and D. Davis (1998). “Evaluating Corporate Liquidity.” TMA Journal 18(2).

» Search Google Scholar » Find in a library

 Zmeskal, Z., and D. Dluhosova (2009). “Company Financial Performance Prediction on Economic Value Added Measure by Simulation Methodology.” Proceedings of the 27th International Conference on

Mathematical Methods in Economics, Mathematical Methods in Economics; H. Brožová, R. Kvasnička eds., Czech University of Life Sciences,

» Search Google

W dokumencie Value-Based Working Capital Management (Stron 21-26)

Powiązane dokumenty